India’s retail inflation climbs to 5.69 percent in January

New Delhi, Feb 12 (IANS) India’s retail inflation climbed to 5.69 percent in January from 5.61 percent in the month before, official data on the consumer price index (CPI) showed on Friday.

Food inflation, or CFPI, during the month ruled higher at 6.85 percent, as compared to 6.4 percent in December 2015, and at 6.14 percent in January 2015.

While rural retail inflation in January was at 6.48 percent, the urban CPI came in appreciably lower at 4.81 percent.

The retail inflation in January was mainly driven up by higher food costs. The inflation in food and beverages during the month was at 6.66 percent.

The Reserve Bank of India has set a 6 percent retail inflation target for January 2016. Presenting the first bi-monthly monetary policy statement for this fiscal in April last year, RBI Governor Raghuram Rajan had said CPI inflation would hover around 5 percent in the first half of the fiscal, and a little above 5.5 percent in the second half,